Chicago, IL, December 28, 2005--The Chicago Federal Reserve Bank said on Tuesday its Midwest manufacturing index fell in November, hurt by weakness in the auto sector.
The index fell 0.6 percent to 112.1 from a revised 112.8 in October, originally reported at 106.6. That compares with a 0.4 percent increase in national manufacturing in November.
Compared with a year earlier, Midwest output was 3.0 percent higher, trailing the 4.1 percent national increase.
Midwest auto sector output fell 3.0 percent in November after rising 4.7 percent in October, faring worse than the 1.7 percent nationwide decline.
For the 12-month period, the region's auto output rose by 1.8 percent against a 4.2 percent percent national increase.
The other three regional subsectors tracked by the Fed--machinery, steel and resources--all rose in November.
Midwest machinery sector output rose 0.2 percent on the month versus October's 2.3 percent jump. Compared with a year ago, the 7.2 percent jump in machinery output was the strongest of the four sectors.
Regional steel output rose 0.4 percent in November, the fifth consecutive monthly increase.
Midwest resource sector production rose 0.8 percent on the month, with higher output of chemicals, minerals, food and paper slightly offset by a decline in wood production.
The Chicago Fed Midwest Manufacturing Index is a monthly estimate of manufacturing output in the region by major industries. The survey covers the five states that make up the seventh Federal Reserve district: Illinois, Indiana, Iowa, Michigan and Wisconsin.
